BAKU, Azerbaijan, October 30. Since its inception, AIIB has been actively engaged in Georgia and sees great potential for further cooperation, especially in areas of energy transition, electric and digital connectivity, and green urban infrastructure, said Konstantin Limitovskiy, Asian Infrastructure Investment Bank (AIIB) Vice President, in a recent interview with Trend.
AIIB's dedication to the Caucasus region is evident, with plans to expand its operations significantly in the coming years. "We foresee growing energy demands that will require increased generation capacity, particularly from renewable energy sources," he noted, emphasizing the bank's focus on sustainable economic development.
The VP highlighted AIIB's mid-term strategy, which aims to facilitate and expand green, technologically enabled infrastructure, describing it as "infrastructure for tomorrow". He added, "We look forward to working with the federal and regional governments, the private sector, and other stakeholders to develop projects that will contribute to a more prosperous, inclusive, and sustainable future for the region".
To date, AIIB has approved five projects in Georgia, totaling nearly $400 million, including the notable Batumi Bypass Road. This project exemplifies AIIB's commitment to enhancing local infrastructure and connectivity.
At the same time, in response to the COVID-19 pandemic, AIIB took proactive measures to strengthen Georgia’s public health preparedness. Limitovskiy explained, "We also worked with TBC Bank to provide liquidity to small and medium-sized enterprises (SMEs) affected by the economic downturn, stimulating the economic recovery from the negative effects of the pandemic".
Moreover, AIIB invested $30 million in sustainability bonds issued by JSC Georgia Capital in the Georgian capital markets to support green investments. The VP also highlighted the ongoing collaboration with the Georgian government on the Tbilisi Metro Modernization Project, aimed at enhancing the efficiency, reliability, and sustainability of the metro system through the acquisition of modern rolling stock.
As AIIB continues to solidify its presence in Georgia, Limitovskiy expressed optimism about the future. "We are committed to fostering sustainable growth and collaboration in the Caucasus, ensuring that our initiatives align with the region's economic and environmental goals," he concluded.